Some Americans regaining confidence in personal finances

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Jul 13, 2011

A report says that while many Americans don't hold high opinions regarding the recovery of the rest of the real estate market, some feel their own personal finances are trending in the right direction.

A survey released by the Certified Financial Planner Board of Standard revealed 59 percent of Americans don't think the economy will rebound in the next 12 months. Many said the economic meltdown forced them to re-evaluate their own personal finances, though many believe they've been able to rebound somewhat in recent months. According to the report, 83 percent think their own finances would improve or stay the same in the next year.

At the same time, 46 percent said their financial plan is in their head and not on paper, showing many could be going without critical financial safety nets, like term life insurance.

There is "a gap between how Americans view financial plans and knowing the best way to build and maintain one," said Charles Moran, chair of the CFP board. "They clearly understand the importance of a financial plan, but too many Americans are not taking the necessary steps to formalize it in a concrete, comprehensive way."

A term life insurance policy is one important step when it comes to planning finances, experts say, advising consumers speak to a financial planner when it comes time to buy one.

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